EnKash raises $20 million from Ascent Capital and other investors in series B round

An India-based all-in-one Spends Management Platform and Corporate Cards company, EnKash on April 4 said that it has raised $20 million as a part of its Series B round that was led by Ascent Capital and joined by Baring India & Singapore-based White Ventures.

The round also saw participation from existing investors, Mayfield India and Axilor Ventures, the company said in a statement. The company aims to offer better experience and accessibility of financial and non-financial products for businesses.

Hemant Vishnoi, Co-founder of EnKash also said that the company intends to further expand its offerings with the infusion of fresh capital and lead the space with innovative offerings around banking-as-a-service, scaling up its 'plug and play' cards issuance stack and plans to expand its geographical presence on the international front.

EnKash was founded by veterans in the cards and payments space - Naveen Bindal, Hemant Vishnoi and Yadvendra Tyagi. The team partnered with SBM India to roll out its cards issuance business and forged healthy partnerships with banks such as ICICI, Axis, Kotak, HDFC and SBI to name a few.

In December 2020, it stitched together a strategic alliance with Mastercard, the leading global payment network processor.

Naveen Bindal, Co-founder of EnKash said that the company intends to cut short the cycles of manual work and processes. He further added that the customer should not be hassled with multiple platforms, banking portals and manual coordination to get the right product.

In 2019, the company had previously raised $3 million from Mayfield and Axilor Ventures as a part of its Series A round. It was also seed funded by Axilor Ventures.

The startup, at present, claims to process annualized spends worth $2 billion on its platform with over 70,000 businesses and more than 500,000 issued cards.